Shalimar Corp creates Rs 750 crore platform with HDFC Capital

HDFC Capital Advisors Limited, the real estate private equity arm of the HDFC Group, has created a Rs 750 crore platform with Shalimar Corp, focused on residential and mixed-use developments across key markets in Uttar Pradesh, including Lucknow, Varanasi and Kanpur.

The platform will include multiple projects with a combined development potential of over 5 million sq. ft. and approximately 3,000 homes, helping meet the growing demand for aspirational housing in these markets.

“Emerging urban centres across Uttar Pradesh are set to lead the next phase of housing growth, supported by rising incomes, urbanization, and infrastructure development,” said Vipul Roongta, Managing Director & CEO, HDFC Capital.


Shalimar has launched projects worth Rs 6,000 crore in the last three years, and in FY 2026-27, it plans to launch projects worth Rs 4,000 crore.

The company has recently entered Varanasi, which it has identified as a key growth market, driven by the city's increasing religious significance, spiritual tourism and large-scale infrastructure investments.

“Over the years, Shalimar has built a legacy of trust and excellence through a diversified portfolio of residential townships, IT parks and mixed-use developments, and with this platform, we plan to take the development ahead,” said Khalid Masood, Managing Director, Shalimar Corp.

Shalimar Corp Limited has delivered over 70 projects and developed more than 25 million square feet of premium real estate.

In addition, it is executing several township projects in Lucknow.

HDFC Capital is the investment manager for multiple SEBI-registered and IFSCA-registered Category II Alternative Investment Funds.